Bitcoin Cash Coin Review: Mining Guide, Price & Analysis of Bitcoin Cash Cryptocurrency

Bitcoin Cash is a cryptocurrency that is viewed by many as the savior of Bitcoin soul. The coin was forked in 2017 from BTC. The token is trying to reduce the transaction cost. Therefore, it increased a block size to 8 MB from 1 MB.

Cryptocurrency enthusiasts believe that Bitcoin Cash will revolutionize the market. The coin is a peer to peer digital coin, which is decentralized. Unlike Bitcoin, this platform can speedily process transactions.

The people behind Bitcoin Cash claim that there are in line with Satoshi Vision for BTC future. However, critiques think otherwise, and the coin is not fully embraced in the community.

Bitcoin Cash History

The currency was hard forked from the Bitcoin blockchain. It aims to resolve the scalability issue of Bitcoin. Bitcoin Cash has successfully increased the blocksize on the chain. There is a huge demand for Bitcoin around the globe.

Therefore, BTC transactions continue to be slow as the mass adoption increases. Its scalability problem has been the talk of the community. Blockchain transaction number increases as the users grow.

However, the block size has not adjusted to the number of people using the system. Hence, there is a shortcoming, and the scalability problem arises. Bitcoin digital signature has become slow. Therefore, it takes time to verify if the sender has enough token to complete a transaction.

To resolve the issue, Bitcoin developed the SegWit (Segregated Witness) in 2017. It increased the blocksize from 1MB up to 4MB. The community was not pleased, and they recommend that the size increase to 8MB.

They believe that increasing the blocksize was necessary for future purposes. The disagreement between members leads to some hard forking the BTC blockchain leading to BCH birth.

Bitcoin Cash hopes to compete with traditional payment methods like PayPal and Visa. It aims to process more transactions simultaneously. Users who were in control of their BTC private key became BCH's holder after the hard fork completion.

How Does Bitcoin Cash work

Just like the majority of the cryptocurrencies, the BCH was launched due to disagreement from the community. However, Bitcoin Cash coin has increased transaction speed and reduces the fees. The transaction signatures are validated on the blockchain.

If Bitcoin wasn’t to become an adopted global payment method, then block size needs to increase. Bitcoin Cash targets to be a payment platform, and holders can send and receive funds using BCH.

Since the currency made its first digital footprint, it has continued to perform well in the market. Additionally, it is among the leading currency in the market. If you compare BTC and BCH, you will realize that not many businesses accept Bitcoin Cash.

However, the currency has a bright future and might be recognized by various merchants as payment forms. There are currently fitness products, hotels, clothes, companies, casinos, music, and perfume store that accepts BCH.

Can Bitcoin Cash be Mined?

Bitcoin Cash is a decentralized platform that is not controlled by the government. The nodes are the ones that verify a transaction. Nonetheless, you need quality hardware and software for mining. BCH uses ASIC mining and PoW consensus.

The mining difficulty continues to increase over time. Miner receives BCH as their reward. It acts as payment after verifying transactions. They can choose to sell or hold the tokens. Mining helps in keeping control of the number of the coin that is circulating the market.

Miners are the ones that are responsible for solving the math equation on the BCH blockchain. They use their computing power to verify the transaction block. However, it is not easy for everyone to join the mining process. It requires a lot of computing power, and only a few people can be rewarded.

Therefore, it requires a lot of funds. The small scale miners can also take part by joining a mining pool. Miners join each other and combine their computing power. In return, they earn their rewards and divide the BCH equally.

Bitcoin Cash Partnership and Progress

Bitcoin Cash coin attracted attention from remarkable investors and gained their support. The price of the token increased drastically after mining groups offering their support. Some of the supporters of BCH are Jihan Wu and John McAfee.

Initial Bitcoin users received 1BCH for every BTC that they previously held. The market cap of BCH is over $65 billion. The developers were convinced that SegWit did not cover the main problem facing Bitcoin.

The platform keeps its transactions in a blockchain. Unlike centralized venture, Bitcoin Cash is not controlled by the government. The Bitcoin community developed the currency. There is no specific founder.

BCH has attracted media attention. Therefore, before deciding whether to invest with the currency, make sure that you perform research. The coin is competing with BTC, and both aim to resolve the scalability problem.

However, as we all know, Bitcoin is doing great in the market and continues to be a renowned coin. The success of BCH will be on whether users decide to increase the block size. Nonetheless, it is essential to note that the currency has Bitcoin cash gained popularity in the industry.

Privacy and Developments

Bitcoin Cash continues to offer privacy to its users. Moreover, the platform has made various development on the same. They introduced the Cashshuffle feature. Cashshuffle has improved on anonymity. It enables users to mix their BCH UTXOs with other users with an Electronic cash wallet.

Furthermore, the platform has also introduced a Bitcoin Cash marketplace. It is known as local.bitcoin.com and allows users to trade in a noncustodial fashion and peer to peer. Moreover, they have also launched a cryptocurrency exchange.

Advantages

• Low transaction fee
• Fast transaction speed
• Good scalability than BTC

Disadvantages

• Low trust score from the crypto community

How to Buy

Investors can purchase BCH on popular exchanges like Coinbase and Bitfinex. You can exchange your fiat currency to buy Bitcoin Cash. If you choose to use Coinbase, then you have first to sign up. The process is simple as it only requires an email address, your name, and a strong password.

The next step is to verify your telephone number. Additionally, the platform requires users to verify their identity. On the dashboard of Coinbase, it has a buy or sells the option. You have to add a payment method to move to the next step.

Users can select a bank account, credit card, or debit card payment option. The next process is to upload your identification document if you choose a credit/debit card option. You can either share your driving license, national ID, or a passport.

After verifying your identity, you can proceed and add your payment details to the exchange. Coinbase requires users to enter their card details. The exchange is one of the secure platforms in the market. Therefore, there is no need to worry.

Users can now own Bitcoin Cash by buying the currency from Coinbase. Select the amount that you wish to purchase. However, remember that the price of BCH has increased and dropped like all other cryptos. It is a volatile currency.

Final Verdict

Bitcoin Cash is among the four currencies that are listed in Coinbase. It huge progress and shows that the currency is transparent. Moreover, the platform has increased the transaction speed, and it’s cheaper. Ensure that you use a secure wallet like Exodus, Ledger, or Trezor to store your BCH. You can choose the exchange and a wallet of your choice.